Following a waiver of business registration fees from 2010 to 2011, the financial secretary proposed in his budget reintroducing the practice for a year starting next month.
The move, expected to cost the government HK$1.9 billion, is aimed at helping businesses in the face of the uncertain economic situation.
The concession will also help the incorporation of overseas companies that increasingly turn to Hong Kong as a gateway to the mainland at a time when they experience difficulties in their home countries.
The fee for businesses registering will be reduced by HK$2,000, making the one-year Business Registration Certificate free of charge, while decreasing the fee by one third for a three-year registration. However, businesses are still required to pay the levy for the Protection of Wages on Insolvency Fund.
Most serviced offices offer business incorporation and registration services. For 'ready-made' or 'off-the-shelf' companies, the whole process takes only a couple of days, while the formation of an all-new company takes six to 10 days.
The Bridges Executive Centre's company formation package, that includes all government fees, a one-year company secretarial service and the full company kit, the so called Green Box, used to cost HK$9,900. The company is introducing the HK$2,000 savings from today.
